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Happy New Year Everyone 👋,
Welcome to the latest edition of your GRIT weekly newsletter! It’s the new year tomorrow, so let’s look back on 2023 and forward to 2024! 🥂
GRIT’s BIG 3 of the Week:
Genevieve’s Corner 👉 TOP 10 PREDICTIONS FOR 2024!
Matt Allen’s Corner 👉 2023 RECAP
Comin’ Up 👉 EARNINGS AND ECONOMIC DATA
1. Genevieve’s Corner
TOP 10 PREDICTIONS FOR 2024
Hello everyone! 👋
In this week's update, I reveal my Top 10 Predictions for 2024, starting with the first 5 (the next five will be revealed a week later).
This week, I share insights on the monumental global election year, my price forecast for Bitcoin in the upcoming year, and how many rate cuts I think the FED will make next year.
Thanks a bunch, everyone! Here's to crossing our fingers for 2024 that delivers stock market returns as bountiful as our success in 2023! 🚀
🎯 GENEVIEVE’S TAKE:
Top 10 Predictions of 2024: Part 1
OpenAI Does an IPO: Poised to Make History as the Biggest Ever…
To access the full details and stay informed about significant portfolio changes scheduled for January 2024, upgrade to GRIT VIP! It’s the last day to get 70% off your first 12 months! 🚀
Next week are my other five predictions and major changes to my portfolio, so keep an eye out!
Genevieve Roch-Decter
2. Matt Allen’s Corner
2023 RECAP
What a year it has been! The stock market boomed after many Wall Street experts predicted a horrible year.
2023 returns: Bitcoin: +152%, Nasdaq: +55%, S&P 500: +24%, Gold: +13%.
In my corner, I will talk about my three favorite stories from the year!
ChatGPT
The rise of ChatGPT's emergence has been a groundbreaking and unforeseen event in technology history, a true Black Swan moment. Following its launch, ChatGPT swiftly became recognized, possibly as the app that expanded the fastest ever, gathering a staggering 100 million monthly users in just two months. This growth starkly contrasts platforms like Facebook, which took around four and a half years after its 2004 launch to reach the same number of users. Twitter took over five years to achieve this milestone, and Instagram managed it in just over two years.
The remarkable aspect of ChatGPT's journey is its consistent user retention. At OpenAI's inaugural developer conference in November, CEO Sam Altman announced that ChatGPT has been maintaining a weekly user base of 100 million, along with 1.5 billion monthly visits to its website.
Bank Failures
The surge in interest rates played a pivotal role in the downfall of Silicon Valley Bank on March 10, 2023, and Signature Bank two days later, significantly shaking the trust of depositors in the banking system. This erosion of confidence had far-reaching implications, extending even to the EU, where Credit Suisse experienced a severe downturn before being taken over by UBS Group on March 19. In the U.S., First Republic Bank also faced major challenges. Despite a substantial $30 billion infusion in April, it ultimately failed on May 1, leading to its acquisition by JPMorgan Chase. This event marks the second-largest bank failure in U.S. history.
The Semi-Conductor Craze
The excitement surrounding ChatGPT and similar generative AI technologies has prompted institutional and individual investors to invest significantly in companies that manufacture AI chips. Among these, Nvidia has emerged as the most prominent stock story of the year. Nvidia has not only seen its stock market value soar but also seen remarkable growth in its revenue. For context, Nvidia's revenue in 2022 was $26.9 billion. In 2023, they are on track to close the year with revenues exceeding $50 billion. Additionally, Nvidia has achieved a market capitalization surpassing one trillion dollars, joining the exclusive club of companies valued at a trillion dollars or more.
🎯 GRIT TAKE:
As you might know, I mainly focus on two sectors… Upgrade to GRIT VIP to read the full GRIT Take! Get 70% off your first 12 months now. The sale ends at midnight! 🔔
Cheers,
Matt Allen
3. Comin’ Up
EARNINGS AND ECONOMIC DATA
💰 Earnings:
Monday: New Year’s Day
Tuesday: Global Star
Wednesday: Unifirst
Thursday: Walgreens
Friday: Constellation Brands
📈 Major Economic Events:
Monday: Market Closed
Tuesday: Construction spending
Wednesday: Richmond Fed President speaks
Thursday: Initial Jobless Claims
Friday: U.S. Employment
In investing, what is comfortable is rarely profitable.
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The author of this newsletter owns ETF’s (exchange traded funds) that may hold ownership interests in the companies discussed in this newsletter as of the published date of this newsletter.
Sources: (1) Three takeaways from Fed Chair Powell following July hike decision (Elisabeth Buchwald- July 26 2023): https://www.cnn.com/2023/07/26/business/fed-powell-takeaways/index.html
(2) Microsoft Investor Relations (July 27, 2023): https://www.microsoft.com/en-us/Investor/default.aspx
(3) Mostly Borrowed Idea’s Twitter Account (July 25, 2023): https://twitter.com/borrowed_ideas/status/1684007357787918342
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